Who Qualifies for FHA VA Loans?
FHA VA loans are government-backed mortgages that help veterans and active-duty military members purchase a home with little to no down payment. These loans can also help individuals with low credit scores or a limited credit history. Let's take a closer look at who qualifies for FHA VA loans.
Active-Duty Military Members and Veterans
The primary purpose of FHA VA loans is to help those who have served our country. Active-duty military members who have served 90 consecutive days of active service during wartime or 181 consecutive days during peacetime may be eligible for an FHA VA loan. Veterans who have completed their service may also be eligible.
Reservists and National Guard Members
Reservists and National Guard members may also qualify for FHA VA loans if they have completed six years of service or have been called to active duty during wartime for at least 90 consecutive days.
Surviving Spouses
Unmarried surviving spouses of military members who died while on active duty or as a result of a service-connected disability may be eligible for FHA VA loans.
Eligibility Requirements
In addition to meeting the above criteria, borrowers must also meet the following eligibility requirements:
Benefits of FHA VA Loans
There are several benefits to FHA VA loans, including:
How to Apply for an FHA VA Loan
To apply for an FHA VA loan, you'll need to work with a lender that offers these types of mortgages. Mortgage Brokers Pro is a great option for those looking for an FHA VA loan. As a leading mortgage company, they offer competitive rates, personalized service, and a commitment to helping veterans and active-duty military members achieve their homeownership goals.
Documents Needed for an FHA VA Loan
When applying for an FHA VA loan, you'll need to provide the following documents:
Final Thoughts
If you're a veteran or active-duty military member who is looking to purchase a home, an FHA VA loan may be an excellent option for you. These loans offer several benefits and are designed to help those who have served our country. To learn more about FHA VA loans and how to apply, contact Mortgage Brokers Pro today.